Physician Practice Tech Venture Secures $72M Funding Round

July 8, 2022
California-based Tebra was formed last year through the combination of Kareo and PatientPop.

A group of investors led by Golub Capital has invested more than $72 million in Tebra, the healthcare practice technology provider formed late last year via the merger of Kareo and PatientPop.

The leaders of Southern California-based Tebra say they will use the funding – which includes both growth equity and debt – to speed up their merger integration efforts, including branding work, to develop and roll out their combined product line. Bringing together Kareo and PatientPop created a company that markets to independent physician practices a lineup that includes an electronic health records system as well as, scheduling, billing/payments and telehealth tools. Executives say their latest funding round, which follows Golub’s merger commitment of $65 million, values Tebra at more than $1 billion.

The combined company works with more than 100,000 providers across the country, helping independent practices better compete in a healthcare landscape that is increasingly complex and tech-based in terms of patient experience, communications and payments. It also is going to market as a joint entity as many physician practices are, per Kaufman Hall this spring, seeing patient volumes recover from their pandemic depths. But, the Kaufman Hall team also noted, first-quarter physician subsidies and expenses also hit two-year highs in the first quarter, putting extra emphasis on efficiency and top-line growth tools.

“With this new investment from Golub Capital, we’ll be able to accelerate Tebra’s mission to unlock better healthcare by helping independent practices,” said Tebra Co-Founder and CEO Dan Rodrigues. “We will broaden our market reach and launch new solutions, helping an even larger number of physicians with digital tools and support to attract new patients, get paid quicker, and operate their practice more efficiently.”

Tebra employs more than 1,000 people and, in addition to Golub, is being backed by CommonFund, HLM Venture Partners, OpenView Venture Partners, StepStone Group, Stripes Group, Montreux Equity Partners, Toba Capital, Transformation Capital and Vivo Capital.

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